Tether · Tokenization · CoinDesk
Tether tapped by Kazakhstan’s central bank to explore stablecoin and tokenization
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Kazakhstan's central bank is teaming up with stablecoin giant Tether to explore issuing a digital token tied to the country's currency and putting real-world assets on blockchain rails.
Key facts
- Tether is best known as the issuer of USDT, the world's largest U.S. dollar stablecoin with about $140 billion in circulation
- The National Bank of Kazakhstan (NBK), Tether and the Alatau City Authority signed a memorandum of understanding to study stablecoins, asset tokenization and decentralized finance, the parties said
- As part of piloting tokenization projects, we intend to thoroughly study international best practices in stablecoin issuance and real-world asset tokenization,” NBK Deputy Governor Binur Zhalenov
- As stablecoins move into regulated finance, APAC is becoming a key proving ground
Summary
Kazakhstan's central bank signed an agreement with Tether to explore a stablecoin pegged to the local currency and potential use cases for digital money. The parties will also develop a framework for tokenizing real-world assets, with a pilot planned under Alatau City's special legal regime. Tether's Hadron tokenization platform could be used in the project, though the agreement does not commit Kazakhstan to issuing a stablecoin or adopting the technology. The National Bank of Kazakhstan (NBK), Tether and the Alatau City Authority signed a memorandum of understanding to study stablecoins, asset tokenization and decentralized finance, the parties said Wednesday in a press release.